She will pass henny x

My take on the principles real estate 1 exam x

Appraisal is the business of:

Providing a professional opinion of the value of real property.

A professional association whose local affiliates own and operate MLS systems throughout the United States is the :

NAR

A license holder was tried in a state district court on a complaint arising from a real estate transaction. The courts rule that, among other violations, that the defendant had violated the Texas Real Estate License Act. This decision of the judge was based upon:

Statutory Law

Rights that are associated with the ownership of real property are often referred to as the owner's:

Bundle of Rights

Surface, subsurface and air rights are said to be:

Severable

Air rights are commonly leased or conveyed in:

Cell tower leases, Condominiums, Outdoor Advertising (ALL THE ABOVE)

In order to be valid, a lease must have which of the following requirements?

Competent parties (lessor & lessee), Consideration (Rent), Legal Purpose (ALL THE ABOVE)

If a landowner sues the government in order to force it to buy his/her land, this is called ______.

Inverse Condemnation

Releases can terminate _____.

Easements

Under some circumstances, the _____ paid on a mortgage may be tax-deductible.

interest

Homeowners insurance can protect the policyholders from unexpected losses, including _____

Fire, Vandalism, Personal liability (ALL THE ABOVE)

_____, also known as homeowners insurance can cover losses related to the main structure, contents, and outbuildings of a private residence.

Hazard

A property is owned by two unmarried individuals without right of survivorship. The form of ownership is most likely:

Tenancy in Common

Three co-owners wish to divide their undivided interests in a property into individually owned tracts of land. This process is known as a(n)______________ .

Partition

Dwayne and Beth, each single persons, own a parcel of land as joint tenants. Beth has a will leaving her entire estate to her brother, Jason. Upon Beth's death, her interest in the land passes to:

Dwayne, because he is a joint tenant

In real estate, a buyer or seller is considered an agent's customer until he or she becomes a(n) ______.

Client

The agreement between a broker and a client is most often a(n) __________ agency relationship.

Special

The broker and his or her associates are most often in a(n) __________ agency relationship.

General

To be eligible to obtain a real estate license in Texas, a person must be at least _________ at the time of application.

18 Years Old

The commission may adopt rules in the public's best interest that require license holders to use contract forms prepared by the ___________ and adopted by the commission.

Texas Real Estate Broker-Lawyer Committee

Sarah gets a job as a sales representative for Galaxy Custom Homes. She will be working in the new Galaxy model home park and will be limited to selling Galaxy homes only. Sarah will:

be exempt from the requirement to be licensed

If an alleged ethics violation is reported to the NAR, a hearing panel will convene to hear testimony and presentation of evidence, decide whether a violation of the association's code of ethics occurred, and order which of the following disciplinary actions?

Fine, Probation, Supervision or revocation (ALL THE ABOVE)

For a case involving a consumer, TREC's presiding officer is required to appoint a(n) _______, consisting of three Commission members who will determine whether a person's license to practice should be suspended temporarily.

Disciplinary Panel

The _________ must be displayed in a prominent location in each place of business a broke maintains.

Consumer Protection Notice CN 1-2

The Civil Rights Act of 1866 essentially prohibited discrimination based upon __________.

Race or Color

________ was added to federal fair housing as a protected class in 1974.

Sex

Attempting to induce panic selling in a neighborhood for financial gain is known as ________.

Blockbusting

A legal description that contains the words "Beginning at a point" is a ________.

Metes and bounds description

The reference point of the Government Survey System grid is known as a(n) _______

Initial Point

One acre of land contains __________.

43,560 square feet

While listing the property with a licensed sales agent, the seller asks, "Who sets real estate commission rates?" The correct response would be:

There is no standard rate, and different brokers can charge different fees.

Julie, a sales agent at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The following week, Julie was found to be mentally incompetent and was admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam?

The listing agreement is unaffected because it is an agency agreement between Seller Sam and the broker.

Seller Steve listed his property with City Realty, Acme Realty, and Countrywide Realty all at the same time. After signing the listing agreements, Steve continued to run for sale by owner ads on Craigslist. The type of listing agreement Steve signed with the various companies is a(n):

Open Listing

The Statute of Frauds applies to:

Contracts for the sale of real estate, Listing agreements, Buyer Representative Agreements (ALL THE ABOVE)

Consideration is defined as ________.

Something given in exchange for a promise

You can use the acronym ___________ to remember the five essential elements of a valid and enforceable contract.

COLIC

Contracts with a person who lacks mental capacity can be

either void or voidable

Community property is a concept of

Spanish law, and marriage is regarded as a partnership.

Intermediary Without Appointments.

an agent will have the opportunity to sell their own listing.

Oil and gas companies employ

a large number of individuals with a real estate background.

The NFIP

offers flood insurance

The NFIP offers flood insurance to

homeowners, renters, and business owners

The vast majority of homes built in the United States are

site built.

When a condominium is sold, three interests are created:

fee simple ownership of the unit, fee simple ownership in an undivided interest in the common areas, and an easement to the airspace occupied by the unit.

The Bureau [CFPB] is responsible for enforcing

federal consumer financial law

To convert 152,460 square feet of land:

152,460 / 43,560 = 3.5

Exclusive agency agreements

list their properties with a broker, primarily to expose their properties through the multiple listing service

Easements may be created by

grant, reservation, implied grant, prescription, necessity, condemnation.

The Texas Real Estate Commission consists of

of nine members and three members who represent the public.

cooperative sale with single buyer representation

If the buyer purchases a property listed by another firm

If the buyer purchases a property listed by another firm,

The listing firm represents the seller, and the selling firm represents the buyer

Community property

marriage is regarded as a partnership.

Mutual Consent

Offer and Acceptance

An estate in severalty

involves ownership of real estate by one individual or entity.

Real estate brokers recommend this listing

grants an exclusive right to sell the property during the listing term.

exclusive right to sell

A commission is paid even if the property is sold by the owner

TREC has promulgated sales contract forms for most residential properties including

One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete Construction), New Home Contract (Completed Construction), Unimproved Property Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract.

Liens can be

specific or general

Violation of the law is

a civil offense

Passed in 1973

DTPA allows an aggrieved consumer to sue a seller of goods for damages

Units in a cooperative

are most often owned by a corporation

Indestructibility, a physical characteristic of land, is also known as:

Durability

A professional association whose local affiliates own and operate MLS systems throughout the United States is the:

NAR

Appraisal is the business of:

Providing a professional opinion of the value of real property

The least important factor affecting demand for real estate is

Personal preference

Air rights are commonly leased or conveyed in

Cell tower leases, Condominiums, Outdoor advertising

Rights that are associated with the ownership of real property are often referred to as the owner's:

Bundle of rights

Surface, subsurface and air rights are said to be

Severable

If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through:

Accession

Effective in 1976, manufactured homes have been built according to a building code administered by:

HUD

Townhomes and single-family homes differ in that ______a common wall

townhomes share

Homeowners insurance can protect the policyholders from unexpected losses, including:_______.

fire, vandalism, and personal liability

Which of the following is not a factor that can affect insurance premiums

Policyholder's age

Most standard homeowners insurance policies do not generally cover damage from _________

Flooding

Most windstorm insurance in Texas is underwritten by ___________.

TWIA

In real estate, a buyer or seller is considered an agent's customer until he or she becomes a(n) ______.

client

The agreement between a broker and a client is most often a(n) __________ agency relationship.

Special

The broker and his or her associates are most often in a(n) __________ agency relationship

General

A(n) ______ relationship exists when one person acts on behalf of another person from whom he has derived authority.

Agency

The _____ is used to provide agency information to consumers.

IABS forms

The practice of directing buyers or renters to or away from a particular area based upon a protected class is known as:

Steering

Attempting to induce panic selling in a neighborhood for financial gain is known as

Blockbusting

When it comes to a building having a "no pets" policy, allowing a visually impaired tenant to keep a guide dog is ____.

legal because allowing a guide dog is a reasonable accommodation

The outcome of a complaint investigation by TREC may result in probation and/or

A fine, A reprimand, License suspension or revocation

The primary duty of a license holder is to represent the interests of __________

The client

Competency

_________describes the obligation of a license holder to be knowledgeable as a real estate brokerage practitioner.

When it comes to competency, it is best described as the duty of a license holder to ______

exercise skill and judgment in the performance of his work

Consumer Protection Notice CN 1-2

All real estate brokers and inspectors must display, in a prominent location the:

Competence is the obligation of a real estate agent to:

Be informed on conditions affecting the real estate market, Be involved in continuing education courses in topics regarding real estate, Exercise judgment and skill in the performance of his or her work

Which of the following is required to obtain a real estate license in Texas?

An applicant must show competency by passing the exam, An applicant must be a resident of Texas at the time of application, and An applicant must be of good moral character

When filing a complaint against a license holder, a consumer has ______ from the date of the incident to file a complaint with TREC.

4 years

The commission shall maintain a recovery trust account that _____.

protects consumers who suffer a loss due to illegal acts of license holders, has two maximum payment amounts - $50,000 and $100,000 and is funded by license holders and applicants

A ___________ determines legal property boundaries for property ownership.

Land Survey

A legal description that contains the words "Beginning at a point" is a

Metes and bounds description

One acre of land contains

43,560 square feet

A contract for the purpose of performing an illegal act is ___________.

Void

A contract has been signed and acceptance has been communicated. Prior to closing, the contract is a(n) ___________contract.

Executory

A contract created by behavior is known as a/an

Implied contract

Which of the following is often referred to as a "meeting of the minds"

Mutual consent

In order to be valid, a lease must have which of the following requirements?

Competent parties (lessor and lessee), Consideration (rent), Legal purpose